November 14 -- Shaanxi Jiusheng Mining Investment Management, a subsidiary of Zhongjin Gold (600489.SH), plans to acquire a 69.09 percent stake in Shaanxi Xin Yuan Industry and Trade, a company involved in the exploration of gold mines, for 212 million yuan, reports China Securities Journal, citing a company filing.

The 69.09 percent stake in Shaanxi Xin Yuan Industry and Trade is currently held by China National Gold Group Corporation, the parent of Zhongjin Gold.

Shaanxi Xin Yuan Industry and Trade owns the exploration rights to three gold mines located in Luonan county, Shaanxi province.

The proven reserves of the three gold mines totaled 657,932 tons, with gold reserves of 6,561.23 kilograms. The exploration rights are assessed to be valued at 265 million yuan.

Zhongjin Gold said the acquisition will help to increase its output and reserves of resources, and to eliminate horizontal competition with China National Gold Group Corporation.